Blockchain technology is expected to see an increasing adoption among
the Indian banks. Private and public companies are exploring blockchain
to improve efficiency to ensure transparency.

56% of Indian businesses are moving towards Blockchain technology,
making the technology a part of their core business. The key areas the
technology is expected to make its maximum impact are payment and fund
transfer, post-trade settlements, and digital identity. State
governments are conducting trials within their departments. The
government of Andhra Pradesh collaborated with various Blockchain
start-ups such as Snapper Technologies, and SimpleFy to explore the
administrative processes. The state government of Andhra Pradesh is
going to integrate its own e-program with Blockchain technology by 2019.

By industry, Blockchain technology has a wide range of applications in
India. Finance minister Arun Jaitley stated that the government is
looking forward to utilizing Blockchain technology across various
sectors to streamline the activities. The Banking and Financial Services
sector is expected to make the maximum use of this technology. The
Indian government is making a massive investments in the healthcare
sector to provide health coverage to low-income families. Blockchain
technology is expected to drive this initiative.

Key growth factors:

The digital adoption in India is one of the major factors driving
Blockchain technology adoption.

Accordingly the report of ASSOCHAM, about 19% of the Indian population
is without bank accounts. Blockchain technology is expected help this
part of population create digital identities and help them access
banking and financial services.

Threats and key players:

Adoption of Blockchain technology faces severe challenges. The major
reason is lack of awareness with regard to nature of Blockchain
platforms.

The other challenges are integrating challenges, selection of vendor/
platform

The top five Blockchain developers in India are S-PRO, Consagous
Technologies, 10Clouds, Sofocle Technologies, and Sate Development.